Cashfree’s hiring strategy remains aggressive, despite current global scenario of uncertainty
While the Covid-19 pandemic has hit multiple industries in different ways, there has been an average drop of 20% in digital transactions across sectors. As one of India’s leading payment and banking technology companies for businesses, Cashfree has been profitable for the last three financial years while growing revenue by around 30x over two years and close to 100x over three years. This has generated sufficient cash reserves to cover company expenses for at least three years.
We have taken measures to ensure that our employees would not have to face any financial difficulties and job uncertainty. Against the backdrop of retrenchment and pay cuts by other companies affected by this pandemic, Cashfree is maintaining focus on aggressive hiring along with planned appraisals and performance bonuses to help our employees stay motivated amid a first-of-its-kind pandemic. Productivity levels due to remote working have also remained unaffected.
With around 110 employees at present, we plan to add 100 new employees by December 2020, doubling our talent-count to over 200 people. Sapna Sukumar, who has previously worked with Medlife, Simplilearn, United Technologies & MAC Group, recently joined the Cashfree team to drive this objective as VP – HR Business Partner.
Currently, we are hiring for roles in Engineering, Product and Business Development.
· Across all our businesses, there has been a dip in digital transactions across sectors. In March 2020, travel and hospitality dipped by 90 percent as flights came to a halt and hotel bookings were cancelled. With the lockdown coming into effect, e-commerce deliveries and mobility services were affected, with an 80 percent decline. Internet-based lenders have lost momentum as well — both collections and disbursals of loans are down by 40 percent.
· On the other hand, utilities like bill payments, rent payments, even insurance have remained unaffected and essentials like groceries, food delivery have seen a sudden spike of around 25 percent as people have resorted to online purchases. This is evident in the fact that consumer demand rose so much that popular online grocery store apps and websites crashed. Since people are confined to their homes, there has been an uptick in online gaming, with a spike of 50 percent though live sport-related fantasy gaming has taken a hit in the absence of live-action.